The Takeover Panel has just released its consultation paper
undertaken in the wake of the Kraft acquisition of Cadbury and the ensuing
political storm. You can find it here. The good news – that although there is
pressure on the Panel to adopt a Delaware styled approach, or at least raise
barriers to acquisitions, the Panel appears hesitant to move in that direction.

Whilst [the Takeover Panel]
seeks to provide an orderly framework in which takeover bids must be made, the
Panel does not take, and has never taken, a view on the advantages and
disadvantages of takeovers generally or on the commercial or financial merits
of particular offers or types of offer. …

However, it’s clear that the
Panel is open to the possibility of moving forward on some of the more
controversial areas and is seeking additional discussion and comment before
making a final determination.

Given the significance and
nature of the issues that have been raised, the Code Committee has chosen to
break with its usual practice of setting out specific proposals and proposing
drafting amendments to the Code. Instead, on this occasion, the Code Committee
is seeking to provide a forum in which suggestions for possible change may be
debated.

The Panel’s consultation paper lays out a number of areas in
which the Panel wants to continue to receive comment. And they are: